So I'm 30 and I contribute 10% to my 401k and while I do believe Social Security will be around in 35 years when I retire, I'm mostly worried about healthcare costs.
And this morning I realized why social security worked in the past for retired folks: by 60, they had already paid off their home they bought when they were 25-30 so their monthly social security didn't have to pay a monthly mortgage.
But today, 25-30 year olds aren't buying homes. So when we all retire in 30-40 years, our social security payments need to pay for a mortgage or rent payment AND our other necessities.
Also, the "gig" economy doesn't offer employer matches. Or some gigs are paid under the table, which people don't report on their taxes, so then they aren't paying into social security... which only hurts them in the long run.
I'm not sure why either of these haven't really been pointed out in today's media.
Submitted April 06, 2019 at 08:01AM by evenLVmakesmistakes http://bit.ly/2G3rH7x
